A commercial bank is unique in that it is the only institution that
Makes loans to private people and businessmen
Accept deposits
Can store people’s valuables
Can transfer money from one place to another for its customers
Saves money through the granting of credits
Correct answer is B
The most distinctive features of a commercial bank are borrowing and lending, i.e., acceptance of deposits and lending of money to earn Interest (profit).
Malthus became famous through his theory which may be stated simply
The death rate may become so high that people may not be able to produce
Population may outgrow the means of subsistence
People will eventually decide not to have children
Migration of people from one place to another may leave some parts of the world barren
All of the above
Correct answer is B
Malthus's theory states that population growth will always tend to outrun the food supply and that the betterment of humankind is impossible without strict limits on reproduction
Inferior goods are referred to in Economics as goods
Whose quality is low
Consumed by very poor people
Whose consumption falls when consumer's' income rises
Which satisfies only the basic needs
None of the above
Correct answer is C
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases)
The following is NOT a reason for the existence of small firms
Scale of production is limited by the size of the market
Expansion brings diminishing returns
Large firms can carter for wide markets
Small firms can provide personal services
All of the above
Correct answer is B
No explanation has been provided for this answer.
When elasticity is zero, the demand curve is
Perfectly elastic
Perfectly Inelastic
Concave
Downward sloping
Circular
Correct answer is B
If the price elasticity of demand is zero, it means that the demand is independent of the price. No matter how the price changes, people buy the same quantity of the product. The demand curve of essential commodities like medicines has a slope that approaches zero. The demand curve will be perfectly inelastic.